South American Giant Latam Airlines Files for Bankruptcy Protection
Latam Airlines Group (NYSE: LTM) has filed for Chapter 11 protection in New York as South America's largest carrier tries to work through a drop in demand caused by the COVID-19 pandemic. The airline said it has received $900 million in debtor-in-possession financing, funds that allow it to sustain operations while in bankruptcy, from existing shareholders the Cuetos and Amaro families, as well as from Qatar Airways. Airlines around the globe have been hard hit by the pandemic, and Latin American airlines in particular have suffered due to bans on international travel.
